JOHANNESBURG - The Middle East turmoil is hitting South Africans where it hurts: their wallets.
This week, the Reserve Bank hiked interest rates for the second time this year.
For indebted consumers, higher borrowing costs pile onto the pain of surging fuel prices.
Central banks around the world are hiking rates to battle inflation.
In South Africa, soaring fuel prices are driving inflation.
With global oil prices climbing, South African motorists could face record-high fuel prices in October.
Food price worries are also mounting.
An ample harvest has kept food inflation in check for now, but El Niño threatens drought.
The rate hike couldn’t come at a tougher time for farmers.
Already squeezed by rising fuel and fertilizer costs, farmers now face pricier loans too.